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Who cares
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Sponsors
No co-sponsors yet.
History
- Referred to real property taxation
- Delivered to assembly
- Passed senateVote 57–1
- Ordered to third reading cal.1275
- Committee discharged and committed to rules
- Referred to local government
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Requires financial institutions to notify property tax assessors when they take possession of real property receiving a STAR exemption
In Assembly Committee · Real Property Taxation · Sponsor Fred Thiele
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7485
Title of bill
An act to amend the real property tax law, in relation to school tax relief (STAR) exemptions
Purpose
To provide that financial institutions who take possession of residential properties notify the local assessor within thirty days in order that STAR exemption on the property may be terminated and provide for a civil penalty for failure to make timely notification.
Summary of provisions
Section 1. Adds a new subdivision 15 to section 425 of the Real Property Tax Law to provide that whenever a financial institution takes possession of real property that would qualify for the STAR exemption, that the institution, within thirty days of taking possession, must notify the local assessor or other person having custody of the assess- ment roll. The exemption shall be immediately discontinued. Failure to make such notification shall be subject to a $5,000 civil fine.
Justification
When residential properties are abandoned by the indi- viduals who claimed a STAR exemption, the exemption should cease. It has been reported that this is not the case in situations where financial institutions who have mortgage interests take over the possession of properties. This legislation would require those institutions to notify the property locality that the individual who qualified for the exemption was no longer at that address so the exemption could be extin- guished and the proper school tax will be paid.
Legislative history
New bill.
Fiscal implications
None to the State.
Effective date
Thirtieth day after is shall have become law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.